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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
 6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
As of June 30, 2022 and December 31, 2021, our investment in unconsolidated joint ventures consisted of the following:
Joint VentureHotel PropertiesPercent OwnedJune 30, 2022December 31, 2021
Hiren Boston, LLCCourtyard by Marriott, South Boston, MA50 %407 189 
SB Partners, LLCHoliday Inn Express, South Boston, MA50 %— — 
SB Partners Three, LLCHome2 Suites, South Boston, MA50 %5,079 5,391 
  $5,486 $5,580 
Income/Loss Allocation

For SB Partners, LLC, Hiren Boston, LLC, and SB Partners Three, LLC, income or loss is allocated to us and our joint venture partners consistent with the allocation of cash distributions in accordance with the joint venture agreements. This results in an income allocation consistent with our percentage of ownership interests. When we absorb cumulative losses equal to our accounting basis in the joint venture, our investment balance is $0 as presented in the table above.

Any difference between the carrying amount of any of our investments noted above and the underlying equity in net assets is amortized over the expected useful lives of the properties and other intangible assets. 

Income (loss) recognized during the three and six months ended June 30, 2022 and 2021, for our investments in unconsolidated joint ventures is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Hiren Boston, LLC$301 $(354)42 (689)
SB Partners, LLC— (50)(310)(50)
SB Partners Three, LLC56 (185)(311)(508)
Income (Loss) from Unconsolidated Joint Venture Investments$357 $(589)$(579)$(1,247)

The following tables set forth the total assets, liabilities, equity and components of net income or loss, including the Company’s share, related to the unconsolidated joint ventures discussed above as of June 30, 2022 and December 31, 2021 and for the three and six months ended June 30, 2022 and 2021.
Balance Sheets
June 30, 2022December 31, 2021
Assets
Investment in Hotel Properties, Net$61,627 $64,096 
Other Assets17,266 15,649 
Total Assets$78,893 $79,745 
Liabilities and Equity
Mortgages$65,461 $65,723 
Other Liabilities15,892 15,656 
Equity:
Hersha Hospitality Trust2,978 3,328 
Joint Venture Partner(s)(5,438)(4,962)
Total Equity(2,460)(1,634)
Total Liabilities and Equity$78,893 $79,745 

Statements of Operations
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Room Revenue$6,848 $1,888 $9,495 $4,143 
Other Revenue318 125 504 242 
Operating Expenses(3,630)(1,244)(6,083)(3,109)
Lease Expense(257)(245)(514)(516)
Property Taxes and Insurance(572)(382)(1,144)(1,948)
General and Administrative(15)(26)(35)(247)
Depreciation and Amortization(1,248)(1,300)(2,502)(3,612)
Interest Expense(773)(642)(1,442)(3,334)
Loss on Dissolution of Joint Venture— — — (112,429)
Income Tax (Expense) Benefit(74)39 51 94 
Net Income (Loss)$597 $(1,787)$(1,670)$(120,716)
The following table is a reconciliation of our share in the unconsolidated joint ventures’ equity to our investment in the unconsolidated joint ventures as presented on our balance sheets as of June 30, 2022 and December 31, 2021.

June 30, 2022December 31, 2021
Our share of equity recorded on the joint ventures' financial statements$2,978 $3,328 
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1)
2,508 2,252 
Investment in Unconsolidated Joint Ventures$5,486 $5,580 
(1)  Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following:

•the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements;
•accumulated amortization of our equity in joint ventures that reflects the difference in our portion of the fair value of joint ventures' assets on the date of our investment when compared to the carrying value of the assets recorded on the joint ventures’ financial statements (this excess or deficit investment is amortized over the life of the properties, and the amortization is included in Loss from Unconsolidated Joint Venture Investments on our consolidated statement of operations); and
•cumulative impairment of our investment in joint ventures not reflected on the joint ventures' financial statements, if any.